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Government is working on turnaround plan for Air India; audit panel rejects Jet accounts; board defers Q1 results; Samsung Galaxy Note 9 launched at Unpacked event in New York; Supreme Court sends Jaypee Infratech back to NCLT, bars promoters from bidding. Watch more in this episode of Business Wrap.

Govt working on turnaround plan for Air India, may allow airlines to raise external commercial borrowingAs the Civil Aviation Ministry plans Rs 11,000-crore bailout package for ailing Air India, Aviation Secretary RN Choubey on Thursday confirmed that the centre is working on a turnaround plan to make the debt-ridden airline competitive. Also, the centre is working on ways to let all airlines raise external commercial borrowing to meet the rising operational costs. The decision se...

Reliance Industries overtakes TCS as India's most-valued companyReliance Industries headed by India's richest man Mukesh Ambani has just snatched back the tag of the country's most valued company in terms of market capitalisation. As of 1 pm yesterday, the m-cap of Reliance Industries (RIL) stood at Rs 7.47 lakh crore, overtaking Tata Consultancy Services (TCS), becoming India's first 7.5 lakh crore company in stock market history. The IT bellwether had first replaced RIL ...

The government last month was forced to shelve its plan to sell a majority stake in the beleaguered airline due to lack of interest from bidders, in the latest setback in its efforts to rescue the loss-making carrier that has been kept afloat for years using taxpayer funds.

The Fortis board of directors picked up IHH offer to infuse Rs 4,000 crore by way of subscription to preferential shares, over rival TPG-Manipal consortium's offer that included Rs 2,100 crore infusion and merger of Manipal Hospitals with Fortis Healthcare.

The panel, which was set up to study the feasibility of an ARC/AMC for faster resolution of bad loans, has suggested a five-pronged strategy that includes -- SME resolution approach, bank-led resolution approach, AMC/AIF led resolution approach, NCLT/IBC approach, and asset-trading platform.

The proposal has got in-principle approval from Prime Minister Narendra Modi and a committee comprising Secretaries from the Civil Aviation and Shipping ministries has been set up to decide on the valuation of the building.

The government is committed to provide appropriate liquidity and financial resources to Air India, Union Minister Jayant Sinha said today amid delay in payment of salaries at the airline and uncertainty over its divestment plans.

In its earlier memorandum, the government had offered to sell 76 per cent stake in Air India - 100 per cent in its subsidiary Air India Express and 50 per cent in its ground handling staff. It also added a clause for Air India staffs that their jobs would be protected for at least a year from the date of final deal.